Economic growth and economic development

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Economic growth and economic development

Like the infrastructure development, improvement of legal mechanism Can now be regarded as the most important precondition for sustainable Growth, a stronger economy, and pro-people system of governance, Writes M S Siddiqui

Economic development generally refers to sustained and concerted actions, taken by the policy-makers and communities, which promote the standard of living and economic health of a specific area. Economic development can also refer to as being quantitative and qualitative changes in the economy. Such actions might involve multiple areas including development of human capital, critical infrastructure, regional competitiveness, environmental sustainability, social inclusion, health, safety, literacy, and other initiatives.

Economic development differs from economic growth. Whereas economic development is a policy intervention endeavour with aims of economic and social well-being of the people, economic growth is a phenomenon of market productivity and rise in GDP (gross domestic product). According to Amartya Sen, "economic growth is one aspect of the process of economic development."

Despite the good performance of Bangladesh in terms of many growth indices, it has been lagging behind in building a necessary infrastructure for achieving goals for the country to be treated as a middle-income one.

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...﻿China’s EconomicGrowth and Development
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...﻿EconomicGrowthEconomicgrowth is the percentage increase in real national output in a given time period or the increase in the productive potential of the economy. Countries grwo at different rates, this is partly due to the fact that they are at different stages of their economic cycle. The economicgrowth for the UK is at 0.2%.
The main measure of output is gross domestic product (GDP). GDP is the total value of goods and services produced in an economy during one year. Economicgrowth can be be measured in nominal terms which include inflation, or real terms which are adjusted for inflation.
Aggregate supply is the total supply of goods and services that are produced in an economy at a given price level
DRAW GRAPGH (AS DIAGRAM)
Aggregate demand is the total output of goods and services produced in the economy ocer a period of time
AD = C+I+G+(X-M)
C referes to consumer spending on goods and services, it includes durable and non durable goods. I refers to investment spending, demand for goods and services by the firm. G refers to government spending on publicyly provided goods and services including public and merit goods. Transfer payments are not included. X refers to exports of goods and services which is spending from abroad on an economy’s goods and services. Exports are inflow of demand in the circular flow of income...

...INTRODUCTION
We live in an era of unprecedented frequency of change in partisan
control of government. Since at least 1994, neither of the United
States’ two main political parties can be said to have had a lock on
control of the House, the Senate, or the presidency.
Incredibly, the seven elections from 1998 to 2010 produced six
different combinations of party control: a Democratic president with a
Republican Congress (1998), a Republican president with a divided
Congress (2000), a Republican president with a Republican
Congress (2002, 2004), a Republican president with a Democratic
Congress (2006), a Democratic president with a Democratic
Congress (2008), and a Democratic president with a divided
Congress (2010).
Earned Income
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10
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Revenues
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2,500.0
2,000.0
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500.0
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Part D (ENTITLEMENTS)
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800.00
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CONCLUSION
Chronically from the oldest to the recent, there
were no overwhelming years based on the
difference between the two parties.
...

...ECONOMICGROWTH AND ECONOMICDEVELOPMENT
In contemporary times, certain economic registers are used frequently. Arguably two of these most used terms in economics, ‘economicgrowth’ and ‘economicdevelopment’ are terms that just about everyone is at least remotely familiar with, even if they have not studied economics at all. Sometimes it seems everyone knows what economicgrowth and economicdevelopment is. Politicians use these terms all the time, and so do teachers, managers and even preachers. Often, people’s use of these terms may not be quite accurate, but one has to admit that most of the time they are never too far from the mark. Insights into the aforementioned terms ‘economicgrowth’ and ‘economicdevelopment’ are given as follows…
EconomicGrowthEconomicGrowth is an increase in a country's real level of national output which can be caused by an increase in the quality of resources by education etc, increase in the quantity of resources & improvements in technology. EconomicGrowth can also be described as an increase in a country's productive capacity, as measured by comparing gross national product (GNP) in a...

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ECONOMICS
the branch of knowledge concerned with the production, consumption, and transfer of wealth.
the social science that studies economic activity to gain an understanding of the processes that govern the production, distribution and consumption of goods and services in an exchange economy.
SCARCITY: THE NEED TO CHOOSE
Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. A common misconception on scarcity is that an item has to be important for it to be scarce. However, this is not true, for something to be scarce, it has to be hard to obtain, hard to create, or both. Simply put, the production cost of something determines if it is scarce or not. For example, although air is more important to us than diamonds, it is cheaper simply because the production cost of air is zero. Diamonds on the other hand have a high production cost. They have to be found and processed, both which require a lot of money. Additionally, scarcity implies that not all of society's goals can be pursued at the same time;trade-offs are made of one good against others.
The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources...

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Economics 1 Assignment
Name: Shaun Neo Wei Qiang
Student CT NO. : CT0209608
Date : 18th April 2014
Module : Economics 1
Lecturer : Mr Wong Hean Hoo
Outline
1) Introduction 2
2) Relating to the Article – Inflation 3
3) Some of the causes for inflation 4
4) Managing inflation 5
5) Conclusion 6
6) Biblology 7
7) Actual Article Selected 8
Page 1
Introduction
The article I chose Is from Today Online(with approval from Mr. Wong), which is heavily categorized under inflation .Reasons for choosing article due to that its related to present findings and forecast of the general economy. MAS touches on the housing, labor markets, wage pressures and Inflation forecasts.
Economic Terms of Inflation
Inflation can be defined as a continual increase in prices for goods which happens over a period of several months usually. Whenever inflation strikes, the purchasing power of consumers declines and the ability to purchase goods drops. This means that during a period of Inflation, the $X of money you spend only allows you to purchase a smaller portion of what you used to be able to purchase (full portion) before inflation. It can also be deemed as money losing its value overtime. Comparison of the difference in CPI(Consumer Price Index) is also vital. CPI is made up 6,500 of goods and services pertaining to general items or services...

...the past five years has been fairly unstable, It is can be seen from graph from the decreasing and increasing trends over the quarters. South Africa experienced a rapidly increasing inflation rate in 2008, the inflation rate percentage was in the range of 11.5%, in 2009, the inflation rate decreased to 7.1%,in 2010 the average was 4,3% which indicates that the economy was doing well as there was a major drop in the inflation percentage but there was an increase in 2011 and 2012 with the ranking of 5.0% and 5.6 % respectively.
b) Explanation of the trends identified is as follows:
The upwards trends as can be seen from the graph(year 2008-2009) represents an increase of inflation and they can be influenced by the economic events in the country such as excess money growth and price increase in the economy. The price increase is triggered by an increase in international oil prices, a drop in exchange rate nationwide, excessive salary and wage hikes, or an increase in food prices caused by a drought. (South African Reserve Bank , how to fight inflation, fact sheet 3,p2).
Long periods of high inflation are often the result of lax monetary policy. If the money supply grows too big relative to the size of an economy, its purchasing power falls and prices rise. This relationship
between the money supply and the size of the economy is called the quantity theory of money. Pressures on the supply or demand side of the economy can also contribute to...

...Elasticity is a measure of the sensitivity of one thing, to another
(Bannock, 2011, p.116). It could be divided into price, income and
cross-price elasticity of demand and supply and they are known as
PED, YED ,XED and PES. They can be used to measure how the change
in demand and supply of a product responds to the change in price,
income and other commodities. Calculating price, income and crossprice elasticity can review the new cars market, it can be found that
the demand and supply of new cars are always affected by these three
factors. This essay will examine the economic factors that affect the
elasticities for new cars.
First of all, this essay will now examine the PED. The price elasticity of
demand "measures the responsiveness of quantity demanded to the
price change of a product", and It can be calculated by "the percentage
change in the quantity demanded divided by the percentage change in
the price of a product" (Gillespie, 2011, p.56). If an answer of price
elasticity is lower than 1 then the product could be said as price
inelastic. This means the percentage change in quantity demanded of
the product is smaller than the price change, demand is less related to
the price change(Figure2). However, a product will be price elastic
when the measurement of PED is greater than 1 which means the
percentage change in quantity demanded is larger than the price
change, demand is very sensitive to the price change(Figure1).
Figure1...